Naira Falls To N431 Per Dollar At Official Market

The value of the Naira on Wednesday closed at N431 a dollar at the official forex market, the Investors and Exporters (I&E) Window

This indicates that the value of the local currency declined by 0.08 per cent or lost 33 Kobo when compared to the N430.67/$1 it traded on Wednesday.

Similarly, the exchange rate at the cryptocurrency peer-to-peer FX exchange traded at N696/$1 on Thursday morning, a 0.45% depreciation when compared to N692.9/$1 recorded as of the same time on Wednesday.

The exchange rate of the nation’s currency weakened in the midweek session as the demand for forex remained high, though the turnover eased by 25.1 per cent or $44.03 million to $131.64 million from the previous day’s $175.67 million.

In the interbank segment of the market, the Naira depreciated against the Pound Sterling by 66 Kobo as it closed at N497.53/£1 versus the N496.87/£1 that it sold in the previous session and against the Euro, the local currency lost 35 Kobo to close at N419.39/€1 in contrast to Tuesday’s rate of N419.04/€1.

For the digital currency market, the value of Ethereum (ETH) jumped by 3.5 per cent to $1,674.95, Solana (SOL) appreciated by 1.8 per cent to $35.38, Ripple (XRP) recorded a 1.7 per cent jump to trade at $0.3468, Dogecoin (DOGE) saw a 1.4 per cent rise to trade at $0.0685, Bitcoin (BTC) moved up by 1.1 per cent to trade at $21,533.69, Cardano (ADA) rose by 1.1 per cent to quote at $0.461, and Litecoin (LTC) went up by 0.5 per cent to sell at $56.43.

But the price of Binance Coin (BNB) declined by 0.2 per cent to $296.94, while Shiba Inu (SHIB) lost 0.1 per cent to sell for $0.00001313, with the US Dollar Tether (USDT) closing flat at $1.00.